Use this table of data for the succeeding questions:

Data of an individual taxpayer for the current taxable period.

Gross sales	P3,200,000
Cost of sales	1,900,000
Sales discounts granted (for timely payments)	100,000
Discounts granted to senior citizens and PWDs	80,000
Incidental income (operating)	200,000
Other income (non-operating)	150,000
Operating expenses	400,000

1. How much is the OSD (assuming taxpayer opted to use OSD)?

2. How much is the net taxable income using OSD?

3. ASSUMING THE TAXPAYER IS A CORPORATION, how much is the OSD?

4. ASSUMING THE TAXPAYER IS A CORPORATION, how much is the net taxable income using OSD?

Answer rating: 100% (QA)

To calculate the OSD Optional Standard Deduction youll need to follow these steps Determine the gros... View the full answer